Peter Lewin established Newport in March 1994, having previously been a director of Samuel Properties and of a private property company. The company's non-executive chairman Bob Carlton-Porter will become the Executive Chairman supported by Finance Director Nicola Crickmore, and he plans to implement a review of the Company's structure and strategy.
Newport recently completed a £67 million ($100 million) refinancing with a new 25-year fixed-rate loan from Norwich Union, reducing its cost of borrowing and freeing up capital for new acquisitions. As at 30th June 2002 its portfolio value stood at £150million ($230 million). In the six months to June 2002, pre-tax profit was up 39%, and NAV up 22%.
At the time Lewin said: "From this position of strength we shall continue to expand our portfolio through strategic acquisitions and to this end we are currently evaluating a number of promising opportunities. Overall, therefore, I look forward to another successful outcome for the year as a whole." Since then, something appears to have gone awry.
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